PEPCO HOLDINGS-EXELON MERGER MUST MOVE FORWARD, IS TOO VALUABLE TO LOSE
SEPTEMBER 17TH — Representatives of District of Columbia business, community and faith organizations gathered today to discuss their support of the proposed Pepco Holdings-Exelon merger and to call on decision makers to work together to get it back on track.
A news conference today at the Federal City Council offices included speakers Anthony A. Williams, CEO and Executive Director, Federal City Council; James C. Dinegar, President and CEO, Greater Washington Board of Trade; Harry Wingo, President and CEO, D.C. Chamber of Commerce; Rosie Allen-Herring, President and CEO, United Way of the National Capital Area; Angela Franco, President and CEO, Greater Washington Hispanic Chamber of Commerce; Rev. Michael Johnson, Allen Chapel AME Church; and Ronald E. Watkins, Chief Operating Officer, Dynamic Concepts Inc.
“If the Pepco Holdings-Exelon merger does not happen, it will cause real harm to our residents, our business community and the District as a whole,” Anthony Williams said. “When you tally the benefits in critical areas, we agree that this merger is an opportunity that the District of Columbia should embrace, and we urge decision makers to take steps to move this merger forward.”
Supporters pointed out that the merger will bring both immediate and long-term benefits for District of Columbia citizens, businesses and the community, including savings that will benefit customers and a boost to our local economy through new investment and jobs, improved service reliability and quicker storm recovery, sustainable energy investments, maintenance of local leadership and presence, and continued community partnerships.
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“Exelon has committed to extending Pepco’s giving of millions of dollars for at least a decade after the merger – a firm commitment that only exists if the merger goes through,” Allen-Herring said. “That is monumental for groups that depend on Pepco’s philanthropy and volunteers and is a critical lifeline to the nonprofit organizations that Pepco has partnered with to improve the lives of District residents.”
Rev. Johnson said, “Savings and other benefits, which will come immediately and over time, will touch every Pepco customer and every resident in the District of Columbia. The impact of this merger will have a profound positive impact on the most vulnerable people in our community.”
Dinegar said, “We are seriously concerned that Pepco’s service reliability improvements could stall if this merger doesn’t go through, and we are worried about the financial impact to Pepco of a failed merger.”
Wingo added, “We need economic development in the District, and people who are thinking about doing business here are paying attention. Companies that are considering doing business here may think twice if the merger fails.”
Supporters encouraged all parties to reach an agreement that will move the merger towards completion.
The press conference also featured supporters including:
• Omar Biagas, Planned Power Systems Inc.
• Mary Brady, Economic Club
• Sheila Brooks, President’s RoundTable
• Gilbert Campbell, Volt Energy
• Jim Creevy, ABB Inc.
• Arrington Dixon, ADA Inc.
• Edmund Fleet, THEARC
• Ken Forsythe, Salvation Army
• Paula Jackson, American Association of Blacks in Energy
• Janece Kleban, Goodwill
• Michael Osaghe, Temple Group
• PA Consulting
• Joe Persichini, DC Police Foundation
• Lewis Shrensky, Fort Myer Construction Corporation
• Tamara Smith, YWCA
• Ward Tucker, Lorenzo Construction
• Jackie Vinck, Friends of the National Zoo
• Meta Williams, United Negro College Fund
• Roderic Woodson, District of Columbia Building Industry Association
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